BRITISH GAS parent Centrica has received strong backing for its £2.2bn fundraising to buy a 25% stake in nuclear power firm British Energy.

Centrica said more than 91% of the new shares offered under its rights issue announced in October had been snapped up by existing shareholders.

The move is a key step towards securing a power-sharing arrangement with EDF Energy, once the French company has completed its £12.5bn takeover of British Energy, which has eight nuclear power stations in the UK.

Centrica hopes its potential tie-up with EDF will make a significant contribution towards reducing the company’s exposure to short-term commodity price fluctuations and provide it with another growth platform.

EDF has already announced its intention to build four new reactors in the UK, with the first due to be operational by the end of 2017.

Shareholders were offered three new shares for every eight held under the rights issue.

Centrica hopes to find the rest of the cash for the British Energy stake through possible asset sales and taking on additional debt.

The sale will net the Government more than £4bn for its 36% stake in British Energy.